Thomas Cook close to sealing a deal with Fosun Tourism

Thomas Cook Group is in advanced talks about a deal with Fosun Tourism and its lenders to recapitalise its tour operating business, Sky News reported on Thursday. The world`s oldest travel company could announce the deal as soon as Friday morning, Sky News reported.

The report cited bankers as saying that under the outline of the proposed deal, Fosun and Thomas Cook`s lenders would inject hundreds of millions of pounds of new equity and debt into the company. 

See Zee Business video below:

#StockInNews | डिंपी कालरा से जानिए नतीजों और खबरों के दम पर आज किन शेयरों में दिखेगा एक्शन। @AnilSinghviZEE @dkalra81 pic.twitter.com/3m4mOzsbcD

— Zee Business (@ZeeBusiness) July 12, 2019

Under the proposed deal, Fosun would become the majority-owner of Thomas Cook`s tour operating arm while it would also own a minority stake in its airline division, the report said.

The report comes a month after the company said it was in talks with Fosun, its largest shareholder over a sale of its tour operating the business after receiving a preliminary approach.

Thomas Cook said it had no comment on the report while Fosun Group could not be immediately reached for comment.